EIB capital increase approved by all 27 EU member states
- Published on Tuesday, 08 January 2013 10:01
- Posted by Vicki Mitchem
The European Investment Bank confirms that its shareholders, the 27 EU Member States, have unanimously approved a EUR 10 billion capital increase, which will be fully paid in.
The capital increase will allow Europe's long-term lending institution to provide up to EUR 60 billion, over a 3 year period, in additional lending for economically viable projects across the European Union.
"The unanimous decision by the Governors of the European Investment Bank to strengthen the bank's capital base and enable an additional EUR 60 billion of increased lending demonstrates a shared desire to support investment that will create jobs and contribute to economic growth in Europe. We are committed to working with national authorities, public investors and private business to ensure effective use of the additional lending across all member states and to unlock significant private investment for projects." said Werner Hoyer, President of the European Investment Bank.
In early 2012 the European Council asked the European Investment Bank to examine how to increase support for growth and the June 2012 European Council recommended that the bank's capital be strengthened to allow an increase in lending activity. Unanimous support for increasing the paid-in capital of the EIB was reached following detailed examination of proposals for increased lending activity by the 27 EU member state shareholders.
The additional capital to be paid in by each shareholder will reflect their current shareholding. The additional lending will target four priority sectors and be dedicated to supporting innovation and skills, SMEs, clean energy and modern infrastructure. The new financing will be in addition to the EUR 50 billion regular annual lending.